Transocean (NYSE:RIG) PT Lowered to $7.00 at Evercore ISI

Transocean (NYSE:RIG) had its price target decreased by Evercore ISI from $9.00 to $7.00 in a research report report published on Wednesday morning, Benzinga reports. Evercore ISI currently has an outperform rating on the offshore drilling services provider’s stock.

Other research analysts also recently issued research reports about the stock. Citigroup dropped their target price on shares of Transocean from $9.00 to $7.00 and set a buy rating on the stock in a report on Wednesday, February 21st. Barclays dropped their price objective on Transocean from $7.00 to $6.00 and set an equal weight rating on the stock in a research note on Thursday, February 22nd. Susquehanna upgraded Transocean from a neutral rating to a positive rating and increased their target price for the company from $5.50 to $9.00 in a research note on Monday, April 8th. Bank of America lifted their price target on Transocean from $5.50 to $6.00 and gave the stock an underperform rating in a research report on Monday, April 15th. Finally, StockNews.com raised Transocean to a sell rating in a research report on Tuesday, February 20th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $7.70.

Transocean Trading Up 0.9 %

RIG opened at $5.27 on Wednesday. The stock has a 50-day moving average of $5.74 and a 200-day moving average of $5.96. The company has a current ratio of 1.35, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65. Transocean has a 52-week low of $4.45 and a 52-week high of $8.88.

Transocean (NYSE:RIG) last announced its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.10. Transocean had a negative return on equity of 4.67% and a negative net margin of 13.27%. The firm had revenue of $767.00 million during the quarter, compared to analysts’ expectations of $781.86 million. During the same quarter in the prior year, the business earned ($0.38) earnings per share. The company’s revenue was up 18.2% on a year-over-year basis. Equities analysts forecast that Transocean will post 0.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. OLD Point Trust & Financial Services N A acquired a new stake in Transocean during the fourth quarter worth $25,000. VisionPoint Advisory Group LLC acquired a new stake in shares of Transocean during the 4th quarter valued at about $28,000. Private Trust Co. NA increased its stake in Transocean by 1,489.8% in the fourth quarter. Private Trust Co. NA now owns 8,537 shares of the offshore drilling services provider’s stock valued at $54,000 after acquiring an additional 8,000 shares during the period. Csenge Advisory Group acquired a new position in Transocean in the third quarter worth about $83,000. Finally, Joseph P. Lucia & Associates LLC bought a new position in Transocean during the third quarter worth about $87,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.